• Privacy Policy
  • About Us
  • Contact Us
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
Cartographeum
No Result
View All Result

Treasury gains spur IOB to Q1 profit of ₹121 crore

Juliet Woodard by Juliet Woodard
August 20, 2020
Home Business
Share on FacebookShare on Twitter

Public sector lender Indian Overseas Bank (IOB) has reported a standalone net profit of ₹121 crore for the first quarter ended June against a net loss of ₹342 crore in the year-earlier period, on a rise in treasury gains and reduction in interest and operational expenditure. “For two quarters in a row, we have been posting profit,” said Partha Pratim Sengupta, MD & CEO at a media interaction. “Despite COVID-19 impact, we were able to maintain our profit levels,” Mr. Sengupta added. “In the last two quarters, the bank made a provision of ₹401 crore towards COVID-19. We plan to recover bad debts worth ₹1,000 crore each for the next three quarters,” he said. Going forward, IOB would focus on digitalisation to attract millennials and GenY, drive MSME business and contain non-performing assets. Total income rose to ₹5,234 crore (₹5,006 crore) mainly on an increase in treasury income. Provisions and contingencies contracted to ₹970 crore (₹1,170 crore).NPAs shrinkGross NPAs declined to ₹18,291 crore (₹33,262 crore) and net NPAs to ₹6,081 crore (₹14,174 crore).

You have reached your limit for free articles this month.
To get full access, please subscribe.
Already have an account ? Sign in

Show Less Plan

Subscription Benefits Include

Today’s Paper
Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages
Move smoothly between articles as our pages load instantly.

Unlimited Access
Enjoy reading as many articles as you wish without any limitations.

Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations
A select list of articles that match your interests and tastes.

Briefing
We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

A letter from the Editor
Dear subscriber,Thank you!Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.Suresh Nambath

Tags: COVID-19Indian Overseas BankIOBNPAs
Juliet Woodard

Juliet Woodard

Next Post
Motorola Launching New Phone in India on August 24, Flipkart Availability Teased

Motorola Launching New Phone in India on August 24, Flipkart Availability Teased

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Lakshmi Vilas Bank depositors’ money safe, says RBI-appointed administrator

Lakshmi Vilas Bank stock tanks over 53% in 6 days

November 24, 2020
Webinar | Are Consumers Back with a Vengeance?

Webinar | Are Consumers Back with a Vengeance?

November 10, 2020

Trending.

Understanding Emergency Rental Assistance For Landlords And Tenants

Understanding Emergency Rental Assistance For Landlords And Tenants

January 27, 2021
Call of the mall – The Hindu

Call of the mall – The Hindu

October 16, 2020
Rupee slumps 23 paise, settles below 74/USD level

Rupee slumps 23 paise, settles below 74/USD level

November 1, 2020
Webinar on weather and its impact on business on November 19

Webinar on weather and its impact on business on November 19

November 16, 2020
Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

November 1, 2020

Cartographeum brings you the latest information about Tech,Real Estate & Business.

Follow Us

Categories

  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
  • Uncategorized

Tags

Amazon Apple Watch 2 Bombay stock exchange BSE Business Buying Guides china closing trade coronavirus Covid COVID-19 currency dollar rate economy Finance Ministry foreign exchange forex gold india indian economy Indian stock market Industry iOS 10 lockdown luxury homes market and exchange markets nifty Nirmala Sitharaman NSE oil pandemic Playstation 4 Pro rbi real estate Reserve Bank of India rupee rupee rate Rupee value rupee vs dollar sensex Sillicon Valley stock exchange Stocks USD

Recent News

Housing Affordability Inches Down, Despite Record-Low Mortgage Rates

Mortgage Rates Hit Highest Point Since Last July; Will They Keep Rising?

March 3, 2021
How Much Bezos, Musk, Gates and Zuckerberg Would Pay

How Much Bezos, Musk, Gates and Zuckerberg Would Pay

March 3, 2021
  • Privacy Policy
  • About Us
  • Contact Us

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Review
  • Computers
  • Gear

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.